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EXECUTORY CONTRACTS IN INSOLVENCY LAW

A Global Guide

JASON CHUAH, EUGENIO VACCARI

Executory Contracts in Insolvency Law offers a unique, comprehensive, and up-to-date transnational study of the topic, including an analysis of certain countries which have never previously been undertaken in English. Written by experts in the field, with extensive experience of both research and professional experience, this is a groundbreaking investigation into the philosophies and rationales behind the different policy choices adopted and implemented by a range of over 30 jurisdictions across the globe.
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Chapter 12: NATIONAL REPORT FOR FRANCE

Emilie Ghio

Extract

This chapter investigates the treatment of executory contracts under French corporate insolvency law. While the French Commercial Code does not provide a definition of the concept of executory contracts, it is generally assumed that insolvency proceedings do not result in the automatic termination of the debtor’s executory contracts. Hence, executory contracts remain binding on both parties pending their assumption or rejection by the insolvency official. As certain types of executory contracts are deemed to justify special treatment in insolvency proceedings, the chapter investigates their treatment under the law. The chapter also investigates the treatment of contractual remedies in insolvency law, such as ipso facto clauses, close-out netting provisions and flip clauses. Finally, the chapter analyses the most recent reforms in the corporate insolvency field and the drivers behind these regulatory changes. The chapter concludes that the most recent reforms have improved the balance between debtor and creditor protection: France is now a more investor-friendly jurisdiction, while debtors benefit from a more sophisticated set of tools.

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